[Amended 4-2-1979 STM]
The following words and phrases, when used herein, have the following meanings, unless a different meaning is required by the context:
A benefit having an actuarially equivalent value when computed on the basis of interest and mortality tables last adopted by the Committee.
Each July 1 on and after July 1, 1977.
The actual compensation received from the Town in any calendar year.
The person or persons designated by the employee, in a form approved by and delivered in accordance with the instructions of the Committee, to receive any benefits from the plan after the death of the employee.
The Board of Selectmen of the Town.
The Retirement Plan Committee appointed as provided in Article IX.
Employment with the Town which is not interrupted by absence due to:
The sum of past service and future service, computed in each case as provided in Article IV.
The Town of Norfolk Retirement Plan, as of June 30, 2013, is now a defined contribution plan.
[Added 11-14-2013 STM]
July 1, 1977.
All regular full-time employees of the Town and the Norfolk Sewer District who are not participants in any other plan based on their employment by the Town or said Sewer District and who are employed by the Town or said Sewer District for one year. "Employee" also means any regular part-time nonprofessional employee of the Town or said Sewer District who works at least 1,000 hours per year. Participation by the Norfolk Sewer District is subject to execution of a contract with the Town providing for contributions by said Sewer District to provide for its eligible employees.
[Amended 11-14-2013 STM; 5-10-2021 ATM]
The average compensation for 10 consecutive years of compensation prior to retirement; however, for those members retiring on or after July 1, 1998, the average compensation for five consecutive years of compensation prior to retirement; however, for those members retiring on or after April 1, 2003, the average compensation for the five consecutive years of compensation prior to retirement which produce the highest average.
[Added 6-26-1989 STM; amended 5-11-1998 ATM; 5-12-2003 ATM]
With respect to the employee's future credited service, his annual compensation for the calendar year, commencing with the calendar year that he enters the plan.
Absence:
On leave granted by and at the convenience of the Town on account of illness or any other reason, provided that the employee returns to work immediately thereafter, provided, further, that the rules of the Town regarding granting of leaves of absence shall be uniformly and consistently applied to all employees in similar circumstances.
For involuntary military service in the armed forces of the United States, including, for the purpose of this plan, voluntary enlistment to meet any minimum service period provided by law and extended active duty as a member of the National Guard or Organized Reserve, provided that the employee shall have reported for work within 90 days after final release from active duty or within such other period as may be prescribed by applicable federal law then in force.
An employee who qualifies for membership in the plan and becomes a member pursuant to Article III.
The first day of the month coincident with or next following the employee's 65th birthday.
With respect to the employee's past service, his annual compensation for the calendar year prior to when an employee is eligible to participate. "Past service compensation" cannot exceed the average compensation for any of the five highest consecutive calendar years prior to retirement or termination of employment.
The retirement plan described herein.
The twelve-month period commencing with July 1 of one calendar year and ending with June 30 of the next calendar year.
The Town of Norfolk, Connecticut.
The agreement providing for the trust fund.
The trustee under the trust agreement.
The fund established by the contributions paid by the Town, from which benefits under the plan are to be paid.